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Friday
Jan062012

Leoch International (842 HK) Weakened competition for growing demand (Buy)

DateFriday, January 6, 2012 at 9:40AM
Investment summary
- Leoch is a vertically integrated lead acid battery producer in China
- Leoch is in the progress of facilities upgrades to better manage lead emissions
- Generally environmental compliant to benefit from consolidation esp. in 2012
- Current expansion plan gradually rolling out between 2011 and 2013
- China producers are gradually replacing suppliers from developed markets
- Broad range of lead acid battery products minimizing sector volatility
- Attractive valuation at 6.9x 2011F P/E on our estimates. Initiate BUY rating

 

Leoch International (842 HK) Weakened competition for growing demand

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